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TRIMAS CORPORATION ANNOUNCES RECORD SECOND-QUARTER RESULTS AND INTENT TO OFFER CONVERTIBLE SUBORDINATED DEBENTURES

 ANN ARBOR, Mich., July 19 /PRNewswire/ -- TriMas Corporation (NYSE: TMS) today reported record quarterly sales and earnings for the second quarter ended June 30, 1993. Net sales for the second quarter of 1993 were $118.6 million, an 11-percent increase over 1992's second- quarter results of $107.0 million. Income for 1993's second quarter was a record $11.7 million, a 22-percent increase over 1992's second-quarter income of $9.6 million, before an extraordinary charge for the extinguishment of debt. Earnings available for common stock, after providing for preferred stock dividends, were $9.9 million, or $.34 per common share, vs. 1992's second-quarter results of $7.8 million, or $.30 per common share. Earnings per common share reflect the 100-percent stock distribution (one additional share for each share held) on July 6, 1993, to shareholders of record on June 18, 1993.
 The company also announced today its intent to offer $100 million of Convertible Subordinated Debentures due 2003. The offering will be managed by Lehman Brothers and PaineWebber Incorporated who will provide copies of the Prospectus Supplement relating to the offering upon request. The company intends to use the net proceeds from the offering to retire a portion of its bank borrowings.
 TriMas Corporation is a diversified proprietary products company with leadership product positions in commercial, industrial and consumer niche markets.
 TRIMAS CORPORATION CONSOLIDATED CONDENSED STATEMENT OF INCOME
 (Amounts in thousands except per-share data; unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net sales $118,600 $106,950 $225,520 $202,770
 Cost of sales (80,360) (72,080) (154,510) (138,390)
 Selling, general
 and administrative
 expenses (17,470) (16,330) (34,730) (32,450)
 Other expense, net (1,120) (2,450) (2,550) (6,400)
 Income before
 income taxes and
 extraordinary
 charge 19,650 16,090 33,730 25,530
 Income taxes 8,000 6,540 13,660 10,370
 Income before
 extraordinary
 charge 11,650 9,550 20,070 15,160
 Extraordinary charge
 related to the early
 extinguishment of debt,
 net of income taxes --- (5,740) --- (5,740)
 Net income $11,650 $3,810 $20,070 $9,420
 Earnings available
 for common stock:
 Before extraordinary
 charge $9,900 $7,800 $16,570 $11,660
 After extraordinary
 charge $9,900 $2,060 $16,570 $5,920
 Primary earnings
 per common share:
 Before extraordinary
 charge $.34 $.30 $.57 $.51
 Earnings per
 common share $.34 $.08 $.57 $.26
 Fully diluted earnings
 per common share:
 Before extraordinary
 charge $.32 $.28 $.54 $.49
 Earnings per
 common share $.32 (A) $.54 (A)
 Weighted average number
 of common and common
 equivalent shares
 outstanding 29,172 26,161 29,153 22,986
 (A) Anti-Dilutive
 -0- 7/19/93
 /CONTACT: Brian P. Campbell, president, TriMas Corporation, 313-747-7025/
 (TMS)


CO: TriMas Corporation ST: Michigan IN: SU: ERN

JG -- DE002 -- 2841 07/19/93 07:43 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
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